For Mark Roberts’ Use: Now that January has come and gone, how are you doing with your New Year’s resolutions? Did you resolve to increase your savings this year, or get your financial documents in order? Hopefully, you’re making great progress toward your goals. But as you continue to get your financial life in order, consider making these other smart money moves at some time during the year.
Check out mortgage refinance rates. You could be losing thousands of dollars over the life of your loan, if you purchased your home years ago when interest rates were higher. Mortgage rates remain at all-time lows, making this a great time to consider refinancing your home. Of course, there are good reasons to skip refinancing. If you plan to sell the home in the next few years, you might not have time to recoup your refinance fees (which are usually rolled into the loan). If you do decide to refinance, keep in mind that different lenders offer varying fees. Shop around for the best deal.
Re-evaluate your life insurance policy. We choose our life insurance policy based upon our needs at the time. But those needs can and do change over the years! If your family size, income, or other factors have changed since you bought your life insurance policy, it is time to re-evaluate your choice. Even if your policy still suits you, you should review your beneficiary designations and make the appropriate changes. Or, if you don’t have life insurance yet, take care of this important financial planning step this year.
Discuss your future with a financial advisor. If you aren’t working with a qualified financial advisor, you could be making big mistakes or missing important benefits. Call us to schedule an appointment, and together we will review your current financial situation as well as your target goals for the future. We will also discuss your concerns, such as debt, Social Security, or other issues related to retirement planning. We specialize in helping our clients identify and reach their personal financial goals!
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